Pine River Capital Management will launch a China-focused hedge fund next month with as much as $150 million in initial capital.

The Minnesota-based hedge fund, which has more than doubled its assets under management over the past two years to $13.6 billion, expects the China Fund to debut with at least $100 million. The fund will be managed by Dan Li, its co-head of Asian trading.

Li joined Pine River last year from Magnetar Capital, where he led its China business from 2005 through 2011, and formerly worked at Citadel Investment Group.